1/ My Mission: To Spread Financial Wellness (thread)

Here’s what "financial wellness" means to me

2/ Mindset

Humans are programmed to think short-term

Evolutionary, thinking short-term makes sense. It helps with survival.

Financial wellness is all about training yourself to develop a long-term mindset

Not easy -- it takes practice
3/ Mindset

If you join the right tribes, you can’t help but improve

My favs:

Twitter / Podcasts / Blogs / YouTube -- when used correctly -- are amazing resources https://twitter.com/BrianFeroldi/status/1325081638397759495?s=20
4/ Mindset

Educate yourself - constantly!

Especially about:


These 3 categories have an outsized influence on all areas of your life

Books help https://twitter.com/BrianFeroldi/status/1329583081527930887?s=20
5/ Career

In the beginning, focus on growing your income

Do more than what is expected

Become a lynchpin

Find a career that you ENJOY (<- important!) that also has high-income potential

Start a side hustle (<- important!)

Build your talent stack https://twitter.com/BrianFeroldi/status/1322898518995017728?s=20
6/ Career


@jordanharbinger’s course is great

Ask co-workers you don’t know out to lunch. Pick their brain. Don’t ask for anything in return.

Just focus on developing relationships
7/ Personal Finances

You don’t get rich at work — you get rich at home

Its YOUR responsibility to become wealthy, not your employers
8/ Personal Finances

Track your spending!

@Mint / @PersonalCapital / @ynab / Excel / Google Sheets

I don’t care how, just do it!
9/ Personal Finances

Attack ALL costs

Big 4 especially


Eliminate all luxuries - You can always add them back if you truly miss them

Use @FrugalWoods / @mrmoneymustache / @ChooseFi as guides
10/ Personal Finances

You need to know where you stand today

Create an:

1⃣Income Statement
2⃣Net Worth Statement

11/ Personal Finances

The average millionaire has 7 sources of income

Develop new income streams!
12/ Personal Finances

Boost your savings rate

10% is the minimum

20% is achievable for most

50%+ is hard, but not impossible

Go hardcore for a few years, especially in the beginning

It makes a huge difference
13/ Personal Finances

Use your savings to eliminate ALL non-mortgage debt

Then, build an emergency fund of 3+ months of expenses
14) Personal Finances

Max out all retirement accounts

401(k) / 403 (b) / IRA / ROTH IRA / HSA.....etc

Broad-based, low-cost index funds are a great choice
15/ Personal Finances

Protect your family from disaster!
16/ Investing

Once your personal finances are rock-solid, you can focus on growing your wealth

If stock investing bores you, just buy broad-based, low-cost index funds

If stock investing interests you, learn how to invest
17/ Investing

I highly recommend subscribing to @TMFStockAdvisor and @TMFRuleBreakers

I'm biased, but this is where I learned almost everything that I know about investing

Free podcasts:
18/ Investing

What I wish I knew when I first started https://twitter.com/BrianFeroldi/status/1333152044581089282?s=20
18/ Investing

Use checklists, journals, and watchlists! https://twitter.com/BrianFeroldi/status/1336317136181071875?s=20
19/ Investing

Invest in high-quality businesses Part 1 https://twitter.com/BrianFeroldi/status/1324324314053791744?s=20
20/ Investing

Invest in high-quality businesses part 2 https://twitter.com/BrianFeroldi/status/1324359239469588485?s=20
21/ Investing

How to build positions https://twitter.com/BrianFeroldi/status/1275752033325330433?s=20
22/ Investing

It's OK to suck in the beginning

I sure did! https://twitter.com/BrianFeroldi/status/1322518238014615553?s=20
23/ Investing

Connect with other smart investors on Twitter

Every Friday, I share a list of follows that made me smarter that week

Follow them!
24/ Investing


The key to learning faster is to publically share your wins and losses

Peer review is a powerful resource
You can follow @BrianFeroldi.
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